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Bond Market News

DP World Upgraded to BBB+ by Fitch

DP World was upgraded to BBB+ from BBB- by Fitch with a stable outlook. This comes on the back of the logistics company’s “successful deleveraging” with a net debt-to-EBITDA of less than 4x at end-2022 vs 6.4x in 2020. DP World is the fifth-largest container port operator globally with a 9% market share and has a resilient ports network, Fitch notes. The company does not have any significant regulatory price caps. The rating agency notes that due to “their strong cash flow generation and extensive experience in delivering terminal investments”, DP World is on track to deliver on its investment programs. Fitch also said that DP World has the ability to address near-term debt maturities given its access to capital markets, debt management policy and solid liquidity.

DP World’s dollar bonds were trading stable with its 6% Perps at 99.71, yielding 6.13% to its next call date of October 2025.

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